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mpc: 18 The Government's Pre-Budget Report (PBR) had been published on 2 December. The PBR forecast for GDP growth was similar to the November Inflation Report central projection for 2004 and 2006, but was stronger in 2005. Government spending on investment for FY2004/05 had been revised down since the 2004 Budget, and the Committee would need to take account of this, and the latest estimates of effective tax rates, in the February Inflation Report projections.